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The following accounts appear in the ledger of Super Inc. after the books are closed at...

The following accounts appear in the ledger of Super Inc. after the books are closed at December 31, 2019

Common Stock, $1 par value, 800,000 shares authorized, 450,000 shares

Issued $450,000

Paid-in-Capital in Excess of Par Value-Common Stock 750,000

Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 400 shares

issued 350,000

Retained Earnings 250,000

Treasury Stock (10,000 common shares) 30,000

Paid-in Capital in Excess of Par Value-Preferred Stock

Note: Income statement for 2019 is $170,000. Dividends paid $25,000

Instructions: Prepare the stockholders' equity section at December 31, 2019

Solutions

Expert Solution

Super Inc
Balance Sheet (partial)
December 31, 2019
Paid in capital
Contributed capital
Capital stock
Common stock ($1 par value, 800,000 shares authorized, 450,000 shares issued) $   450,000
Preferred stock ($100 par value, 8% 10,000 shares authorized, 400 shares issued) $     40,000
Total capital stock $      490,000
Additional paid in capital
Paid in capital In excess of stated value - Common stock $   750,000
Paid in capital In excess of par - Preferred stock $   310,000
Total additional paid in capital $   1,060,000
Total contributed capital $   1,550,000
Retained earnings (250000+170000-25000) $      395,000
Total contributed capital and retained earnings $   1,945,000
Less: Treasury stock (10,000 common shares) $       (30,000)
Total stockholders Equity $   1,915,000

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ekkarill92 answered 3 years ago
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